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Boyle County approves first reading of up to $130 million hospital revenue bonds; public hearing scheduled
Summary
The Boyle County Fiscal Court on May 13 approved the first reading of an ordinance authorizing up to $130 million in hospital revenue and refunding bonds for Ephraim McDowell Regional Medical Center and set a federally required public hearing for the next meeting.
The Boyle County Fiscal Court on May 13 approved the first reading of an ordinance that would authorize up to $130,000,000 in tax-exempt hospital revenue and refunding bonds to finance renovations and improvements at Ephraim McDowell Regional Medical Center and to refinance certain outstanding debt.
The move matters because the financing will be issued as tax-exempt debt, which bond counsel said lowers borrowing costs for the hospital. Mark Franklin, bond counsel with Dinsmore & Shohl, told the court the bond structure does not count against the county's legal debt limit and that Regions Bank has agreed to purchase the debt directly. "It doesn't impact your debt capacity," Franklin said, and he added that the county will not be liable for debt service on the…
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